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The Centre will look into proposals of purchase of energy assets in Russia when state-run oil and gas companies approach the government, Union minister for petroleum and natural gas Hardeep Singh Puri said on Thursday.

“If our companies want to do something and at some stage when they come to us we will take a good look at it," Puri said in response to a question on whether the government would allow state-run energy companies to invest in assets exited by European majors amid the Ukraine conflict. However, it is up to the companies to explore investment opportunities, he said.

British energy giant BP said that it will exit its 19.75% shareholding in Russian energy company Rosneft, after the Russia-Ukraine war broke outShell said it will exit its joint ventures with Gazprom and related entities and France-based TotalEnergies said it will cease providing capital for projects in Russia.

Russia has urged India to deepen its investments in the oil and gas sector as the sanctions by the US and the EU have hit the country hard and with global energy giants exiting the country.

The Indian public sector holds stakes in Russian oil and gas fields, while Russian entities including Rosneft own a majority stake in Indian refiner Nayara Energy.

India would ask major oil exporting countries to supply more oil, Puri said. The government is focused on getting access to energy at affordable prices, he said.

However, the minister said that there is no shortage of energy in the country. “Our responsibility is primarily to the consumers. The prime minister has ensured that there is no shortage of energy supply. We will use our margin of persuasion to try and convince people that they should put more energy into the market," he said.

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